Vietnam targets 10 billion-dollar tech firms by 2030

Vietnam’s government has announced a plan to create at least 10 large-scale strategic technology companies with annual revenues of $1 billion or more by 2030. The scheme, released on June 17, targets development across digital infrastructure, workforce training, data management, strategic technologies, and cybersecurity for the 2026-2030 period.

To qualify as a strategic technology enterprise under the plan, companies must meet several conditions at once. Annual revenue must hit at least that amount, and the average workforce must number no fewer than 5,000 employees. Firms are also required to spend a minimum of 3 percent of annual revenue on research and development.

Patent ownership is another requirement.

Each such enterprise must hold at least one patent granted by one of the world’s five leading intellectual property offices: the United States Patent and Trademark Office, the European Patent Office, the Japan Patent Office, the Korean Intellectual Property Office, or the China National Intellectual Property Administration.

According to the government, they will take a central role in building out digital infrastructure, strategic technologies, digital data systems, and cybersecurity. The initiative frames them as supporting national priorities in science, technology, innovation, and digital transformation.

Submarine cables, 5G, and green data centers

On the infrastructure side, Vietnam plans to add at least six new international submarine fibre-optic cables by 2030. At least one of those routes must be invested in and controlled by a domestic enterprise. The government also aims to expand 5G coverage to 99 percent of the population.

Five large-scale data centres meeting international green standards are also part of it.

The goal is to position Vietnam as a regional data hub.

In strategic technologies, authorities want domestic enterprises to master at least 70 percent of the technologies on an approved list. Vietnam also targets becoming one of Southeast Asia’s top three markets for AI research, development, and application.

Blockchain, digital twins, and cybersecurity

They will also participate in developing digital twins for selected localities. They will build shared blockchain platforms and create cybersecurity solutions capable of competing internationally. To support the sector, it pledged to continue improving the regulatory framework and prioritising resources for key projects in innovation, technology, and the digital economy. Authorities will also support market development, strengthen intellectual property protection, and boost international trade. Localities are being encouraged to establish regulatory sandboxes for new digital technology products. It does not specify which cities or provinces might host these sandboxes first.

Some analysts have noted that the revenue and workforce thresholds are ambitious for Vietnam’s current tech sector, where most firms remain small or medium-sized. The government has not yet detailed how it will enforce the R&D spending requirement or what penalties might apply if companies fail to meet the criteria.